STTG Market Recap Feb 13, 2015 – Stock Trading To Go

STTG Market Recap Feb 13, 2015 – Stock Trading To Go

Indexes had very nice action in the back half of the week and Friday’s 0.41% gain for the S&P 500 and 0.75% rally in the NASDAQ only added to that theme.    Greek Prime Minister Alexis Tsipras agreed to meet with representatives from the European Union, the European Central Bank and the International Monetary Fund, ahead of Monday’s key Eurogroup meeting on debt talks, according to Reuters.

In economic news:

U.S. import prices fell 2.8 percent last month, their biggest drop in six years as the cost of petroleum and a range of other goods fell, a sign that domestic inflation pressures could remain muted for a while. It was the seventh straight month of declines in import prices.  In Europe, the euro zone’s gross domestic product expanded more than expected in the fourth quarter of 2014, boosted by an acceleration in Germany’s growth. The region’s GDP expanded by 0.3 percent in the final three months of the year from the previous quarter—above analyst expectations.

The NASDAQ is in day 4 of this breakout; the S&P 500 in day 2 (using our perspective/charts).

We can see small caps have rejoined the party – they looked poised to breakout of a year long range at the end of 2014 but that was a head fake.  Here is a chart of the Russell 2000 index.

The NYSE McClellan Oscillator is firmly in the positive now.

Oil is a perfect example of resistance becomes support.  For months on end the 20 day moving average was a barrier it could not cross.  Then it finally did it, and now we’ve seen oil bounce off that level twice in the past few weeks.

Twitter (TWTR) and LinkedIn (LNKD) both had earnings related breakaway gaps that are holding well.  If these hold you usually see some sideways action for a period of time and then a new leg up follows.

Microsoft (MSFT) climbed, extending gains for a second day after news Thursday that the company plans to buy mobile-productivity applications that work on Apple and Google operating systems, according to people familiar with the situation.

Have a great weekend and we’ll see you back here Monday.

Originally posted here:  

STTG Market Recap Feb 13, 2015 – Stock Trading To Go

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